The Yves Rocher Group (brands Yves Rocher, Stanhome, Dr Pierre Ricaud and Daniel Jouvance, Galerie Noémie…) has taken a majority stake in the capital of Turkish company Flormar, a manufacturer and distributor of cosmetic products, and the leading brand of makeup in Turkey in both sales volume and value. [1] In particular, Flormar is recognized by Turkish women as their favourite varnish brand.
Flormar operates its own factory in Gebze, near Istanbul, which produces more than 50 million units per year. 50% of its sales comes from Turkey. The brand is sold in more than 70 countries.
The current shareholders, who will keep 49% of the capital, will carry to manage the company.
With this acquisition, the Yves Rocher Group (2 billion euros in turnover in 2011, with 60% of sales outside France, and 15,000 staff worldwide, 7,000 in France and 8,000 abroad) is strengthening its internationalization strategy. "Flormar develops more than 50% of its sales outside of the euro zone in markets with a high growth potential (Turkey, Middle East, Africa and Eastern Europe). This partnership will balance the presence of our brands in international markets," outlines Bris Rocher, the group’s CEO.
The amount of the transaction was not disclosed, however, according to Turkish newspaper Milliyet, it would approach some 150 million dollars (121 million euros). The closure of the operation is subject to validation by the Turkish competition authorities.
